You have several options for stopping foreclosure. Negotiating with the lender to reinstate your loan, getting a loan modification, or filing for bankruptcy may be viable solutions for you. However, the essential first step is to speak with a qualified foreclosure attorney to get advice about your specific situation.
How does a foreclosure sale work in Illinois?
Before your foreclosed home can be sold, a notice of the sale must be published in the local newspaper for at least three consecutive weeks. You must also be notified by mail at least 10 days in advance of the sale. At the sale, the property may be sold to the highest bidder or revert to the lender.
What is the redemption period after the foreclosure sale is completed in Illinois?
Right to receive the excess money after the foreclosure sale. Right to redeem the property after the sale. In Illinois, you can redeem the property up to 30 days after the judicial sale.
What is the statute of limitations on foreclosure in Illinois?
13-115. Foreclosure of mortgage. No person shall commence an action or make a sale to foreclose any mortgage or deed of trust in the nature of a mortgage, unless within 10 years after the right of action or right to make such sale accrues.
What is the Illinois sale motion?
O Motion to Stay a Foreclosure Sale asks the judge to delay the sale of the property; AND o Notice of Motion to Stay a Foreclosure Sale tells all parties in the court case that you are asking the judge to delay the sale of the property and the hearing date and time. o If you think a document would be helpful to your
How long do you have to move out after foreclosure in Illinois?
30 days after the confirmation of the foreclosure sale (see #8), the purchaser of the property has the right to take possession of the property and evict the tenants.